South Korea president says youth job situation ‘dire’, must act now

FILE PHOTO: South Korean President Moon Jae-in delivers a speech during a ceremony marking Korean Memorial Day at the National Cemetery in Seoul

SEOUL (Reuters) – South Korea’s President Moon Jae-in said on Monday the overall jobless situation at home, especially youth unemployment, is very serious and urged parliament to pass an extra budget to pay for more jobs as soon as possible.

“If we leave our current jobless situation as is, there are concerns it may later return to us as an economic crisis equaling a national catastrophe,” said Moon in an unprecedented speech for an extra budget.

The government, on June 5, announced a supplementary budget to increase social welfare subsidies and especially to deliver on Moon’s election promise to create more jobs. Parliament must approve the budget for it to be used.

(Reporting by Christine Kim; Editing by Jacqueline Wong)